PANews reported on May 12th that according to The Block, analysts suggest that Bitcoin might set a new historical record, but prices could also see a short-term pullback. Vincent Liu, Chief Investment Officer of Kronos Research, pointed out that Bitcoin is approaching its historical high point with strong technical indicators, trading above the 50-day and 200-day moving averages; increasing institutional adoption rates and optimistic prospects before 2025 provide a pathway for potentially reaching new highs.
However, Bitcoin's relative strength index indicates it is in the "overbought" zone. Rachael Lucas, an analyst at BTC Markets, believes this does not necessarily mean an immediate price reversal, but there might be price adjustments or consolidation in the short term; Bitcoin's retest above the key psychological level of $100,000 could be beneficial for further increases. Min Jung, an analyst at Presto Research, stated that the recent cryptocurrency market rally was driven by optimistic US-China trade negotiation sentiments, with current rotation phenomena and capital flowing into other cryptocurrencies. He also noted that Bitcoin's ability to break through previous highs depends on trade negotiation progress, with geopolitical tensions remaining a key variable.
